Having lost subscribers for the first time in more than a decade, Netflix faces the new challenge of stagnation from a position of strength.
A drop of just 200,000 users -- less than 0.1 percent of its total customer base -- was enough to send Wall Street panicking, with shares plunging more than 30 percent on Wednesday.
"When we were growing fast, it wasn't the high priority to work on," co-founder Reed Hastings admitted."And now we're working super hard on it." The Los Gatos, California-based company has long defended its no-ads model, which set it apart from competitors such as Disney+, HBO Max and Apple. "I think they'll have to adjust their business," said Paul Hardart, a professor at New York University, including"on the cost side, investing in content."
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